Westerville insurance agency gets tax break for adding jobs
A growing Westerville insurance agency will receive a tax incentive for its expansion, which is expected to bring 77 jobs to the city.
Century Insurance, a division of Meadowbrook Insurance Group, plans to move from its 45,000-square-foot Westerville headquarters at 465 Cleveland Ave. to a 60,000-square-foot office at 550 Polaris Parkway.
The company considered office sites throughout central Ohio, including Dublin and New Albany, but decided to remain in Westerville, said Jason Bechtold, Westerville economic development administrator.
As incentive, Westerville City Council July 2 approved a five-year, 20-percent income tax break for jobs the company creates.
The company expects to add 77 jobs over that time period, adding $3.5 million to their $13.5 million payroll, Bechtold said. The company now employs 219 people.
Over the five years, the additional jobs would mean $400,000 in tax revenue for city, while the tax incentive would provide a $100,000 benefit to company, Bechtold said.
-- Jennifer Nesbitt